Really “independent self oversight bodies” eh ?

It is not because lack of CDS credit rating But because of easy money policy drive by Greenspan to create the illusion of prosperity after the DOT COM bust. Lack of understanding of congress in allowing those bad loan to be securitized and sold to public

The present financial meltdown is no less heinous than commie beating up couple of Tibetan insurgent

Hard working and honest people were robbed of their saving and investment.While the fat cat collecting their exorbitant bonus PAID FOR BY THE TAX PAYER. Young family were forced to vacate their home and their dream bite the dust

And you say no worry trust the democracy and free press ? Really if anything wrong ideology contribute to present malaise and the press caught napping

Here the Genesis of financial meltdown
Here what Asian Times said

The securitization and CDS markets are the financial crisis’ current focal point. The markets’ misperception of liquid and continuous markets – that was instrumental in fueling the explosion of debt issuance and credit insurance – has come home to roost in a very bad way.

The securitization market’s basic premise was that the creditworthiness of trillions of credit instruments would be supported by the capacity of borrowers to forever refinance and/or increase debt loads (Minskian “Ponzi Finance”). The basic premise of the CDS market was twofold: One, that contemporary securitization markets (backstopped by Washington) would provide borrowers endless quantities of inexpensive finance. And, second, that liquid securities markets would provide an effective means of (“dynamically”) hedging credit exposures sold into the (“wild west”) CDS marketplace.

But Singapore is already a province of China, at least it is behaving like one. look at Lee Kuan Yew and Kishore Mahbhubani doing Beijing’s bidding around the world. Moreover, Singapore is modelled on the totalitarian/authoritarian China So it can’t be a model for China!

The U.S. has a mixed record in terms of clean governance, both in terms of its government and state sector. But where the U.S. HAS succeeded in exposing problems, this has often–but not always–happened because of the efforts of the press. The same can be said for China, in many instances, especially if we consider the country’s unruly internet as a sort of de facto “press” (or if we follow the reporting of Nanfang Dushi Bao and other papers).

What has also worked in the U.S.–and in places like Hong Kong–is independent oversight bodies. These institutions are more or less lacking in China, which has made fighting corruption extremely difficult. You can only send so many investigation teams from the central government down to the provinces; you also need a system mirroring every level of government but separate from its influence.

Similarly, a lack of rules about credit rating agencies and lax oversight of credit default swaps and hedge funds have backfired in America recently. There are methods and systems, in other words, that succeed or fail more or less the same, with some tweaking, anywhere in the world.

Criticisms of Chen Shuibian in relation to Taiwanese democracy seems off base. Yes, a democratic government can have bad leaders (like Mr. Chen or Mr. Bush), but so can an authoritarian government. Chen Liangyu anyone? The question is how well governments self-correct.

A general problem I have with commentators like George_0234, George_01, and George_02 (are they all the same person?) is that they view every argument about China as some sort of contest between China and a hostile world. Arguments, in this context, are not arguments about concrete issues—how to reduce corruption, how to deal with the fate of Tibet, how to provide for workers—but a series of struggles over China’s image and whether China is better or worse than the “West.”

I could care less whether America or China is cleaner human rights-wise or corruption wise. That’s hardly the point. The question is: How do we improve human rights anywhere? How do we effectively fight corruption?

If we want to talk about exposing corruption in Taiwan, how many people in the US actually know about the corruption in Taiwan’s government? Similarly, how many people know about the atrocities done by the S. Korean government in the past? Considering how cozy the US had been with the S. Korean regime, I’d guess not much.

The US may stand for freedoms, but whether they actually do in reality is another story.

I’m for democracy in China, but it’s counterproductive to see China and the US in black-and-white.

Please read my previous post again. I never said that these freedoms PREVENT corruption, only that they EXPOSE it.

There is a big difference.

My friend, if you only understood what is going on outside your country, you would realize that America thrives on competition.

Democracy isn’t a tool to keep China down. It is a way to help China achieve her full potential.

Using isolated case to make a point is nothing but low blow and cheap shot Corruption do happened in China and is wrong but which country that undergoing social and economical upheavel doesn’t In fact China is ahead of democratic India in corruption index here see it for yourself
http://en.wikipedia.org/wiki/Corruption_Perceptions_Index

With percapita incoem of $2500/year and developed economy China is ahead in eradicating corruption People got executed for malfeance and derelection of duty And last year 5000 official got fired and punished for corruption But wil it eliminate corruption NO it won’t But what incredulous is corruption still happened in paradise of democracy Recently senator Ted Stevens of Alaska was convicted for corruption With income of $500,000 that is really wrong!
need more example Governor Bagovich of Illinois was found to peddle position in state goverment

So your prescription of democracy to eradicate corruption is nothing but bull and barking at the wrong tree!

Really where is the much touted “free press” during the financial meltdown Do they exposed the corruption at wall street No of course not And Do they prevent the unjust Iraq war No of course not And where is their conscience during human tragedy in palestine I haven’t heard a squeek here. No it is you who believe the fallacy and propaganda of “Free press” somehow can prevent corruption in high place Again and again the “free press” and democratic institution proof to be sleeping on their job and just incompetent as the commie

If US with 200 years of democracy tradition has failed to prevent corruption and collusion at high place make you wondered where would China be with no tradition of democracy. BIG CHAOS FOR SURE And that exactly what the west want. Prevent the rise of competition!